Last Collection Account Paid

Last Collection Account Paid

I have some collections that are all at least 2 years old. The last one is finally paid now. However, the company helping me with my debts said it would probably take about 2 or 3 months for it to show as paid on my credit report. I read somewhere that I could send the updated paid off information to the 3 credit bureaus so that I dont have to wait out this time that it is going to take for the collection company to update the credit bureaus and for then the original credit card (Cap One) to update the credit bureaus. Is this a good option? Also, if it is a good idea (and it works) is there any specific format that my letter has to be? Any advice helps! Thanks!

Re: Last Collection Account Paid

Great information everyone. Much appreciated! One more question - this is surely written somewhere around here but when do the collections fall off the report? I'm thinking it is 7 years. If it is - what date is used to start?

Re: Last Collection Account Paid

7 years + 180 days from the DOFD. This is when the account first went bad with the OC and was never brought to current. On EQ, it will list the DOFD, on TU and EX, it will give you an estimated date this will be removed. Have you gotten your CRs from www.annualcreditreport.com ? This is the federally mandated site where you can pull your reports free once a year.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.